Economy • 03 April, 2020

Loans for SMEs provided

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In connection with the pandemic of coronavirus infection and its negative impact on the economy of Kazakhstan, in order to support small and medium-sized businesses, individual entrepreneurs affected by the state of emergency, on behalf of the president, the National Bank and the Agency for Regulation and Development of the Financial Market developed a soft loan subjects of small and medium business, primeminister.kz reports.

 

As the deputy chair of the Agency on Regulation and Development of the Financial Market noted, 600 billion tenge is allocated for the implementation of this program to small and medium-sized enterprises and individual entrepreneurs through the placement of conditional deposits in second-tier banks.

“The business support mechanism is implemented by providing second-tier banks with soft loans for working capital replenishment to small and medium-sized enterprises, individual entrepreneurs who suffered as a result of the state of emergency, for up to 12 months at a rate of no more than 8% per annum. The term for the utilization of funds by second-tier banks is three months,” Abdrakhmanov said.

Restrictions for small businesses up to 3 billion tenge, for individual entrepreneurs — up to 50 million tenge.

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